2016 economy: Markets start on mixed fundamentals

Market indicators of the financial health and perception of the economy appeared hazy as indicators point to all directions, with stock market looking up, currency market looking down and money market in mixed-grill. Though the Nigerian Stock Exchange All Shares Index, NSE ASI, closed the year down by 17.36 per cent the market will be opening for the first trading day of 2016 from a positive point following the steady positive streak it recorded in the last trading week of 2015.

The index appreciated by 3.11 per cent and 3.79 per cent last week Thursday and Wednesday respectively after a similar positive closing earlier in the week. NSE ASI closed the year at 28,642.25 points, compared with 34,657.15 as at end-December 2014.    But week-on-week, the Index appreciated by 6.59 per cent and month-on-month it appreciated by 4.59 per cent in the last month of 2015.

EPA: $8.94bn development package tears ECOWAS apart

•Nigeria’s share 12m Euro
•12 countries sign agreement, 4 reluctant
•Nigeria doesn’t need EPA now — MAN

By Jimoh Babatunde & Franklin Alli

The Economic Community of West African States (ECOWAS) has been divided over the $8.94 billion European Union’s Economic Partnership Agreement (EPA). EPA is a Free Trade Agreement (FTA) designed to create free trade area between the EU and African Caribbean and Pacific (ACP) countries in which duties on goods imported and exported between the parties are reduced and eventually removed.

Investigation conducted by Financial Vanguard, revealed that the EU has offered 6.5billion Euro (about $8.94 billion) Development Package to ECOWAS countries to develop necessary infrastructures in order to meet exports requirements to the EU, over the next five years (2015-2020). FV learned that out of this figure, the amount that came to Nigeria through United Nations Industrial Development Organisation, UNIDO, the project implementer, is 12 million Euro (about N3 billion).

It was further learned that though, some of the beneficiary agencies in Nigeria’s public and private sector, namely Consumer Protection Council, Standards Organisation of Nigeria; the Organised Private Sector-MAN, NACCIMA, NASME; NASSI and NECA;  have started accessing the fund for capacity building, ministers of trade in 12 countries out of the sixteen ECOWAS countries are yet to  sign the agreement with the exception of Nigeria, Liberia, Sierra Leone, and the Gambia.

See Mark Zuckerberg's response to a woman who advised her granddaughters to date "Nerds" in school

Facebook user Darlene Loretto commented on one of Zuckerberg's post saying that she had told her granddaughters to date the Nerd in school because he might turn out to be an inventor and below is Facebook CEO's response. Good one Mark!

All Banks To Commence Zero CoT

Effective from last week Friday, January 1, 2016, Nigerian banks are expected to charge nothing as Commission on Turnover (CoT) according to the gradual phase out plan of the Central Bank of Nigeria (CBN). The CBN in April 2013 had revised the guidelines on bank charges, introducing the gradual phasing out of commission on turnover.

The revised guideline had introduced a gradual reduction of CoT from N5 per mile (per N1000) in early 2013 to N3 per mille or N1000, N2 per N1000 in 2014 and is to be N1 per N1000 in 2015 and finally phased out effective January 1, 2016.

Dismiss MTN’s suit against NCC, lawyer tells court

By Innocent Anaba

A Lagos lawyer, Mr Tope Alabi, has urged the Federal High Court in Lagos to dismiss MTN Nigeria’s suit against the Nigerian Communications Commission, NCC.

He said that the N1.04trillion fine imposed on MTN was in order, adding that the telecoms firm has no reasonable case against NCC.

According to Alabi, granting MTN’s reliefs will result in “people breaking one law and hiding under another law to escape liability.”

MTN is urging court to quash the $3.9billion sanction imposed on it by NCC in October for failing to disconnect unregistered subscribers. The initial fine of $5.2billion was reduced by 25 per cent to $3.9billion earlier this month. The payment deadline has expired.

But MTN through its lawyers led by Chief Wole Olanipekun, SAN, is challenging NCC’s powers to impose the fine. It argued that NCC being a regulator cannot assume all the functions of the state.

However, Alabi, in an application seeking to be joined as an interested party, said MTN’s suit was an abuse of court process that must not be tolerated.

Lagos orders Project Information Board display by contractors

By Evelyn Usman

Lagos State government at the weekend, directed  that henceforth ,  all ongoing construction works or telecommunication infrastructure works  must have  a Project Information Board  displayed on site, with a view to indicating the contractor involved.

The directive as contained in a press statement issued by the General Manager , Lagos State Infrastructure Maintenance and Regulatory Agency ,  LASIMRA Mr Babajide Odekunle , took effect from January 1, 2016.

Odekunle explained that the directive was aimed among other things, to curb illegal erection and encroachment on government facilities by contractors and also to ensure that public roads were not opened up without proper permit from LASIMRA.

The concerned telecommunication infrastructure to be displayed on site according to him, included  towers , masts, base stations, parabolic antennae as well  as tar cut for fibre optic cables.

Consequently, he said;  “All construction activities must ensure compliance with this directive by reverting to the LASIMRA  office.”

Creating A Business That Takes Social Value Seriously

Sustainable development is in the spotlight as governments around the world meet in Paris this month to discuss action against climate change. GE’s mission is to help its partners to solve some of the world’s biggest challenges, to minimise environmental impact and to advance social development.

Here are just a few ways in which GE is partnering with customers to make a difference.

Expanding renewable energy capacity
GE now has a global footprint of 30 000 wind turbines, and is expanding into the production of offshore wind farms. By 2020, half of all new electric power capacity will be renewable.
A sustainability strategy focused on social value
GE is a partner in building Africa’s sustainable future, with strategic direction provided by GE Kujenga, helping to ensure that GE’s business and operations create value for societies and make a difference, while also creating a return on financial investment.

Dismiss MTN’s suit against NCC, lawyer tells court

A Lagos lawyer, Mr Tope Alabi, has urged the Federal High Court in Lagos to dismiss MTN Nigeria’s suit against the Nigerian Communications Commission, NCC.

He said that the N1.04trillion fine imposed on MTN was in order, adding that the telecoms firm has no reasonable case against NCC.

According to Alabi, granting MTN’s reliefs will result in “people breaking one law and hiding under another law to escape liability.”

MTN is urging court to quash the $3.9billion sanction imposed on it by NCC in October for failing to disconnect unregistered subscribers. The initial fine of $5.2billion was reduced by 25 per cent to $3.9billion earlier this month. The payment deadline has expired.

But MTN through its lawyers led by Chief Wole Olanipekun, SAN, is challenging NCC’s powers to impose the fine. It argued that NCC being a regulator cannot assume all the functions of the state.

However, Alabi, in an application seeking to be joined as an interested party, said MTN’s suit was an abuse of court process that must not be tolerated.

Kaduna Refinery begins daily supply of 3.2m litres of petrol – NNPC

The Kaduna Refining and Petrochemical Company (KRPC) has begun daily production of 3.2 million litres of petrol. This is contained in a statement signed by MR Ohi Alegbe, Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC) on Wednesday in Abuja. It said that the plant began production with an initial PMS yield of about 1.5 million litres, adding that had ramped up its daily yield to 3.2 million litres.

“The injection of this volume into the system will significantly impact ongoing special intervention efforts designed to bring relief to motorists across the country,” it stated. The statement stated that the deployment of NNPC staff in the monitoring of fuel distribution and retail system at filling stations nationwide had started yielding positive results in Abuja and environs in less than 48 hours.

My enterprise is designed to reduce unemployment – Dare, CEO, Poise Graduate Finishing Academy

Young and innovative, Mrs Ukinebo Dare is CEO of Poise Graduate Finishing Academy, PGFA, a subsidiary of Poise Nigeria, one of Nigeria’s foremost finishing schools for human capacity development. Unlike the regular entrepreneur who take on ventures for profiting, Uki, as she is fondly called, conceived and designed PGFA five years ago to rescue Nigeria’s teaming youth population from unemployability by equipping them with skills that put them at par with employers’ requirement, using the PGFA PSENSE Employability Skill Certification.

The alumnus of Benson Idahosa University, Edo State, as well as Bradford University, UK, who has just clinched the Future Awards and Ford Foundation prize for Youth Employment tells more in interview and says Nigerian graduates are intelligent but lack pertinent soft skills. 

Angel Adelaja wins Chivas 'The Venture' in Nigeria

Angela Adelaja, the CEO of Fresh Direct has won one million naira at the first edition of The Venture Search organized by Chivas Regal in Nigeria. She was announced by the head of the panel of judges, Audu Maikori, Social Entrepreneur and President, Chocolate City Group at the final pitch by the top 5 finalists that took place in Lagos today.

Photo: Zimbabwe to make Chinese yuan legal currency after Beijing cancels $40m debts

Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts, AFP reports. 

"They [China] said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts," minister Patrick Chinamasa said in a statement.

Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing. Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable.

It then started using a slew of foreign currencies, including the US dollar and the South African rand. The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback.

Use of the yuan "will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe," the minister added.

Obi Worldphone announces Silicon Valley-designed Smartphones in Nigeria

Obi Worldphone, the global smartphone company has made a private yet memorable entry into Nigeria with the official unveiling of its latest smartphones – the Obi Worldphone SF-1 and SJ1.5 along with an exciting line up to be introduced in the months to come.

The Brand hosted a number of Nigeria's foremost bloggers, entertainers and media personalities to a cocktail event yesterday at the prestigious Villa Medici, Victoria Island, Lagos where guests experienced the versatility of the smartphones and got to take the devices home.

In a brief but exciting session the Vice President, Mobility Africa, Praveen Rane took questions from guests. He stated that the name 'Obi' is derived from the word 'Mobile'. excluding three letters and the flagship brand name SF-1 is derived from San Francisco, the city in the Silicon Valley where the phones are designed.

Co-founded by John Sculley, prominent tech investor and former CEO of Apple and Pepsi-Cola, Obi Worldphone offers a smartphone experience that is rich, personal and elevated.

Kaduna refinery to start fuel supply today

The Kaduna Refining and Petrochemical Company (KRPC) will from today supply an additional 1.5 million liters of fuel to the domestic market. This additional litres of Fuel means about 50 trucks will be released into the northern part of the country. Production at the refinery was disrupted in September due to pipeline vandalization.

Pro-Shi'a group hacks Nigerian Court of Appeal website. "Nigerian Govt are all terrorists" it says

The Nigerian Court of appeal website has been hacked by a Pro-Shi’a group. The message left on the site which is down at the moment reads:

"In the Name Of GOD Message to Nigeria Government and State Sponsors of Terrorism (USA, Israel, Saudi Arabia, Turkey, Qatar): Boko Haram and ISIS are terrorists, They are killing Muslims and innocent people because of your dirty money, Hey Nigeria Government you killed thousands of Muslims and specially Zakzaky’s family too, You are all terrorists, You are all murders, God damn you! Allahu maulana wala mula lakum.

Tilers raise alarm over influx of quacks in building industry

The Association of Tilers, Nigeria, ATN has raised alarm over what the group called invasion of quacks in the building industry.

The President of ATN, Com. Hassan Olanrewaju who noted that unsuspecting Nigerians have continued to fall victims to their activities, described the situation as worrisome.

According to him, these quacks have continued to carry out shoddy jobs to denigrate real professionals in the building industry, a scenario he said portrays genuine stakeholders in bad light.

“The Association of Tilers, Nigeria is a noble professional organisation registered with the Corporate Affairs Commission, CAC, under the Company and Allied Matters Act 1990.

Emefiele promises robust economy, stable currency in 2016

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the apex bank is evolving additional measures to boost the nation’s economy and stabilise the naira.

Emefiele made the remark at an Interactive Session with Media Editors in Abuja.

He declined to give details of the measures and modalities for their implementation.

Don’t ask me because I will not disclose our strategy for now’’, adding that doing so would be counter-productive and pre-emptive.

The CBN boss explained that the Nigerian economy was not as bad as being portrayed when compared with other economies in Africa.

Ekwueme, Danjuma, Balogun, Dafinone, Ovia, Akande, Rabiu are lifetime achievers

Two unpretentious politicians, two banking pioneers, an officer gentleman and two industrial icons are recognised for their lifetime achievements in the professions by Vanguard in the year 2015.

*Dr. Alex Ekwueme, former Vice-President

Dr. Alex Ekwueme, who served as vice-president in the Second Republic, is remembered for his unswerving loyalty to democratic norms a character that projected him as the rallying figure for democracy activists at the height of the abuses of the Sanni Abacha era. Dr. Ekwueme’s principled commitment to democracy, nay party fidelity, has been repeatedly tried, but despite mistreatments he has remained faithful to his party, the Peoples Democratic Party, PDP.

*Lt. Gen. T.Y. Danjuma (Rtd)

A distinguished officer and gentleman who rose to become the Chief of Army Staff, and subsequently, minister of defence, Gen. Danjuma on retirement from soldiering has distinguished himself in business with interests in oil and gas, agriculture, hospitality among others.

Nigerian banks struggle to meet $5 bn forex obligations

LAGOS — Nigerian banks are struggling to meet $5 billion foreign exchange obligations to importers and correspondent banks, reflecting the worsening foreign exchange situation in the country.

This was disclosed, yesterday, by Renaissance Capital in a report entitled: “Nigerian banks struggling for FX liquidity.”

The report stated that due to the inability to access foreign exchange from the Central Bank of Nigeria (CBN), banks  are having challenges sourcing dollars to meet outstanding foreign exchange, FX, obligations to importers and correspondents banks ranging from $2 billion to $5 billion.

A modular refinery strategy needed

THE euphoria following the inauguration of President Muhammadu Buhari’s regime seven months ago .appears dampened by a plethora of economic problems, one of which is the savage return of fuel scarcity, which has been on for two months.

Fuel shortage is a manifestation of multi-dimensional challenges facing the petroleum industry: deregulation of the downstream sector, removal of the petroleum product subsidy, product supply challenges arising from non-functional refineries, illegal artisanal refining business in the Niger Delta, crude oil theft and poor maintenance/management of the more than 5,000km oil pipelines in Nigeria. Corruption is a central player in all these.

The Nigerian public to whom the new government owes accountability does not need to be bothered with this long list of challenges. All they want is to get the petroleum products to run their lives.

Removal of fuel subsidy as indicated by the federal government is a step in the right direction only if it goes with the complement of local refining and supply of the products.